Investment Opportunity: The Villas at Columbia - A Premier Riverside Apartment Community
Are you searching for a lucrative investment opportunity in the heart of Riverside, CA? Look no further than The Villas at Columbia, an 18-unit apartment community located just 1.5 miles from downtown Riverside. Listed at $5,798,000, this property offers a wealth of features and potential for significant returns.
Built in 1988, The Villas at Columbia sits on a sprawling 1.23-acre parcel and boasts gated access, covered parking, and ample space for potential ADU (Accessory Dwelling Unit) additions. According to California State Law, 4-6 ADUs can be converted or built based on the existing number of units. Each ADU can range from 150 to 800 square feet, adding considerable NOI (Net Operating Income) and value to the property. Buyers are encouraged to complete their independent due diligence on ADUs to fully understand this value-added opportunity.
In the past six months, 11 of the units have undergone comprehensive renovations. These updates include new flooring, fresh paint, modernized kitchens with new appliances and cabinetry, and fully remodeled bathrooms. Each unit is equipped with air conditioning, fireplaces, ceiling fans, and other appealing design features that attract high-quality tenants.
The property includes a tentative map and fully processed DRE/HOA documents, enabling a seamless conversion to for-sale condominiums if desired. This presents a unique opportunity to unlock significant additional value through a condo conversion strategy.
Operationally efficient, each unit is individually metered for electricity and gas with tenants covering these costs. Currently, the owner pays for trash, water, and sewer services. However, there is no RUBS (Ratio Utility Billing System) program in place—offering potential buyers an opportunity to enhance operational efficiency and increase income.
The unit mix is highly desirable with one-bedroom units featuring lofts and two-bedroom units available with or without lofts. Uniquely, all one-bedroom units include 1.5 bathrooms—a rare find in the market—and loft units command a notable rental premium compared to non-loft options.
With seller financing available at below-market competitive interest rates, The Villas at Columbia represents an exceptional investment opportunity in Riverside's thriving real estate market. Don’t miss out on this chance to acquire a premier property with substantial upside potential!
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